Meiwa Industry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥31.03 per share, a decline of 26.9% from ¥42.45 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥83.1 million, a decrease of 26.9% from ¥113.8 million in the prior-year period.

The normalized profit margin fell to 1.6% from 2.4% in the year-earlier period.

Total revenue rose 5.2% year over year to ¥5.05 billion from ¥4.80 billion, and total operating expenses rose from the prior-year period to ¥4.89 billion from ¥4.76 billion.

Reported net income declined 49.2% on an annual basis to ¥66.0 million, or ¥24.64 per share, from ¥130.0 million, or ¥48.52 per share.

As of Aug. 4, US$1 was equivalent to ¥102.45.